Indian equity benchmarks climbed higher after quiet opening, with the Sensex gaining nearly 200 points at 10:16 hours, supported by 28 stocks out of 30. Financial, infrastructure, oil & gas, metal, FMCG, cement and select technology companies' shares were pushing the markets higher.
Aditya Narain of Citi expects to see further upside in the market with their Sensex target for December at 22,000 with a more aggressive portfolio/market mix, moderately better macro situation, slightly higher valuations and a bias towards large caps over midcaps.
"India has actually outperformed most equity indices over 2008 and it is currently a cheaper and more defensive market than in its heyday," he said.
The 30-share BSE Sensex gained 175 points at 18,164 and the 50-share NSE Nifty was trading at 5,466, with rising another 53 points after yesterday's positive trade.
Market breadth too was looking strong; about 850 shares advanced as against 321 shares declined on National Stock Exchange.
Even the Japan's Nikkei 225 average recovered a bit from day's low, with down just 0.8%. Among other Asian markets, Shanghai, Straits Times, Kospi and Taiwan were up 0.3-0.8%.
ICICI Bank was the leading stock, with gaining over 2%. Among other largecaps, Reliance Industries, Infosys, BHEL, ONGC, ITC, Bharti, HDFC Banbk, NTPC, L&T, SBI and HUL were up 0.5-1.5%.
Cipla, Sun Pharma, Dr Reddy's Labs and Ranbaxy Labs from healthcare space gained 1-2%. SAIL, Sterlite, Hindalco, Sesa Goa and Hindalco from metal space went up 0.5-2%
Aditya Narain of Citi expects to see further upside in the market with their Sensex target for December at 22,000 with a more aggressive portfolio/market mix, moderately better macro situation, slightly higher valuations and a bias towards large caps over midcaps.
"India has actually outperformed most equity indices over 2008 and it is currently a cheaper and more defensive market than in its heyday," he said.
The 30-share BSE Sensex gained 175 points at 18,164 and the 50-share NSE Nifty was trading at 5,466, with rising another 53 points after yesterday's positive trade.
Market breadth too was looking strong; about 850 shares advanced as against 321 shares declined on National Stock Exchange.
Even the Japan's Nikkei 225 average recovered a bit from day's low, with down just 0.8%. Among other Asian markets, Shanghai, Straits Times, Kospi and Taiwan were up 0.3-0.8%.
ICICI Bank was the leading stock, with gaining over 2%. Among other largecaps, Reliance Industries, Infosys, BHEL, ONGC, ITC, Bharti, HDFC Banbk, NTPC, L&T, SBI and HUL were up 0.5-1.5%.
Cipla, Sun Pharma, Dr Reddy's Labs and Ranbaxy Labs from healthcare space gained 1-2%. SAIL, Sterlite, Hindalco, Sesa Goa and Hindalco from metal space went up 0.5-2%
No comments:
Post a Comment